HBA Newswatch
March 4, 2008
BERNANKE: MORE NEEDS TO BE DONE TO PREVENT HOME FORECLOSURES
By Jeannine Aversa, Of The Associated Press
WASHINGTON --- Federal Reserve Chairman Ben Bernanke called Tuesday for additional action to prevent more distressed homeowners from falling into foreclosure.
"This situation calls for a vigorous response," Bernanke said in a speech to a banking group in Florida.
Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise "for a while longer," Bernanke warned.
Rising foreclosures threaten to worsen the problems in the housing market and for the national economy, which many fear is on the verge of a recession or in one already.
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DEVELOPER WITHDRAWS FROM ARDMORE RENEWAL PROJECT
By Anthony R. Wood
INQUIRER STAFF WRITER
Less than two months after the Lower Merion Township Commissioners selected him to revive Ardmore's moribund downtown, the developer of the $300 million project has abruptly pulled out.
"We feel terrible about it," Edward Lipkin, president of Philadelphia-based EBL&S Development, said this afternoon.
With credit markets tightening, Lipkin said his fear of delays in securing financing prompted him to make the decision last Friday. He added that he was "very suspect" of oral commitments from two major backers, whom he declined to identify.
EBL&S, he said, also has suspended work on planned projects in New Haven, Conn., and Orlando.
Lipkin's proposal had featured a six-story office tower and boutique hotel straddling the Main Line train tracks that divide the business districts. The entire project was expected to add about $7.5 million to Lower Merion's property tax base.
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UW STUDY: RULES ADD $200,000 TO SEATTLE HOUSE PRICE
By Elizabeth Rhodes
Seattle Times business reporter
Backed by studies showing that middle-class Seattle residents can no longer afford the city's middle-class homes, consensus is growing that prices are too darned high. But why are they so high?
An intriguing new analysis by a University of Washington economics professor argues that home prices have, perhaps inadvertently, been driven up $200,000 by good intentions. Between 1989 and 2006, the median inflation-adjusted price of a Seattle house rose from $221,000 to $447,800. Fully $200,000 of that increase was the result of land-use regulations, says Theo Eicher — twice the financial impact that regulation has had on other major U.S. cities.
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KICKING OFF REDEVELOPMENT
STADIUM IS KEY TO CHESTER’S $400 MILLION RIVERFRONT PLAN
By KATHLEEN E. CAREY, Special to the Local News
Imagine walking down a lively street on a warm summer’s evening along the Delaware River. Conversations are engrossing from the customers sitting at outdoor café tables and music fills the background.
Now, not only imagine but also expect that this will take place in Chester, thanks in part to the deal Major League Soccer has made to bring soccer to town, according to officials developing the site.
But, it’s not solely the soccer that’s creating this atmosphere. It’s a $400 million development consisting of townhouses, apartments and office and retail space proposed by Buccini/Pollin Group that will accompany the sporting arena.
“The stadium, it’s not just a soccer stadium,” said Nick Sakiewicz, who will oversee the Chester team, stadium development and operations. “It’s going to be designed to be multi-use.”
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PAMB OFFERS TAX TIPS FOR HOMEOWNERS
HARRISBURG — People are likely gathering their tax documents and scheduling an appointment with their accountant to have their tax return completed. As consumers prepare for this process, the Pennsylvania Association of Mortgage Brokers (PAMB) encourages everyone to make sure they take all mortgage-related deductions they are entitled to for their principal residence, such as interest paid on a current mortgage.
“This is a good opportunity for consumers to maximize the amount of money they receive back from the state and federal government as well as minimize the amount they have to pay,” said Frank Bowersox, President of the PAMB. “The PAMB encourages consumers to talk with their tax professional about how to take advantage of these deductions.”
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